In a remarkable surge, the trading volume of the well-known cryptocurrency XRP has soared by an astounding 298% within the last 24 hours, as revealed by data from CoinGlass. This surge in trading activity has brought the turnover of derivatives related to XRP on the crypto market to an impressive $8.75 billion, accompanied by a noteworthy 25.71% increase in open interest, now standing at $1 billion.
Remarkably, this surge in trading volume is not confined solely to futures and derivatives; in the spot segment of the crypto market, XRP has recorded a trading volume of $7.66 billion. This achievement propels XRP to sixth place among the 100 largest crypto assets in terms of spot trading volume. Consequently, the combined turnover of XRP in both spot and futures markets now totals a substantial $16.41 billion.
Such a surge in trading activity signals heightened interest and involvement of market participants in XRP. With its current capitalization standing at $38.77 billion, the ratio of volume to capitalization stands at a significant 42.32%, underscoring the remarkable engagement and enthusiasm surrounding the asset.
This surge in trading volume coincides with a substantial uptick in the price of XRP, which has surged by nearly 16% since the beginning of the week, despite it only being Tuesday. Presently, XRP is trading at $0.7, a testament to the bullish sentiment surrounding the cryptocurrency.
The unprecedented increase in trading volume and the substantial surge in price underscores the growing prominence and investor confidence in XRP. As market dynamics continue to evolve, all eyes remain fixated on the remarkable performance of this digital asset.